Emerging or emerged?

OBSR's Richard Romer-Lee asks whether emerging markets have more to offer after such a strong recent run

Global stock markets hit rock bottom in March 2003 and since then, anyone with money in emerging markets should have been a very happy investor. If you had made a five-year investment in emerging markets on 1 March 2003 and achieved performance in line with the MSCI Emerging Markets index, your total return would have been 277% - more than 30% per annum. To describe this return another way, if you had invested your 2003 Isa allowance of £7,000 into emerging markets, you would now have £26,392. Investors' first instincts might be: 'that's gone up a lot - better sell some because it's s...